PUBLISHER: Allied Market Research | PRODUCT CODE: 1266340
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266340
The Osteosynthesis Devices Market was valued at $9,061.20 million in 2021 and is estimated to reach $14,214.92 million by 2031, exhibiting a CAGR of 4.6% from 2022 to 2031. Osteosynthesis devices are medical implants used to stabilize or fuse bones that have been fractured or damaged. The goal of osteosynthesis is to achieve rapid healing and restoration of normal bone function. There are different types of osteosynthesis devices, including plates, screws, pins, and intramedullary nails, which can be used alone or in combination to stabilize the bones. These devices are usually made of metal, such as stainless steel or titanium, and are designed to be strong, durable, and biocompatible. In addition to stabilizing the bones, osteosynthesis devices may also be used to correct deformities or to provide support during the healing process. The specific type of device used depends on the location and nature of the fracture, as well as the age, medical history, and other factors of the patient.
Major factors that drive the growth of the market include a rise in technological advancement in osteosynthesis devices, a rise in the prevalence of orthopedic disorders such as osteoarthritis and osteoporosis that are more prone to fracture, as well a rise in the awareness of the potential benefits of orthopedic implants drives the growth of the osteosynthesis devices market. For instance, according to Verywell Health and National Centre for biotechnology information (NCBI), in 2020, about 1.5 million people in the U.S. were living with rheumatoid arthritis. According to National Centre for biotechnology information (NCBI), in 2022, 294,000 children in the U.S. were suffering from juvenile idiopathic arthritis. By 2025, 67 million Americans are expected to be diagnosed with arthritis.
Furthermore, the rise in the adoption of osteosynthesis devices, and the rise in the number of accidents & sports injuries that causes fracture has led to an increase in demand for osteosynthesis devices such as screws & plates, external fracture fixation devices, which further boost the growth of the osteosynthesis devices market. For instance, a report published by the National Safety Council of the U.S. in 2022 stated that in 2021, 20% rise in sports and recreational injuries was observed as compared to 2020, thus a rise in the number of sport-related injuries is expected to drive the growth of the market.
However, the high costs of osteosynthesis devices, health risks and complications associated with osteosynthesis devices are expected to hamper the osteosynthesis devices market growth. On the contrary, unmet medical demands in developing countries and lucrative opportunities in emerging economies are expected to create immense opportunities for osteosynthesis device product manufacturers in the future.
The osteosynthesis devices market is segmented on the basis of device type, fracture type, end user, and region. On the basis of device type, the market is classified into internal fixation devices and external fixation devices. The internal fixation device segment is further divided into screws & plates, wires & pins, intramedullary rods & nails, and spinal fixation devices. The external fixation device segment is further divided into fracture fixation devices and bone lengthening devices. On the basis of fracture type, the market is classified into hip, knee, spine, shoulder, foot & ankle, facial bones, and others. On the basis of end users, the market is classified into hospitals, orthopedic clinics, and ambulatory surgical centers.
Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and the rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major players profiled in the report are: Arthrex, Inc., Johnson & Johnson (DePuy Synthes, Inc.), Globus Medical, Inc., GS Solutions, Inc., Life Spine, Inc., Medtronic plc, Precision Spine, Inc, Smith & Nephew, Stryker Corporation, and Zimmer Biomet Inc.